Understanding U.S. Tax Laws for Expats with Foreign Assets
Wherever you are in the world, as a Green Card holder or U.S. Citizen, you are subject to U.S. taxation. The rules for those with foreign assets can be complex and worrisome, particularly as the penalties for non-compliance can be severe.
Unfortunately, some CPAs are unfamiliar with the implications of U.S. taxes for expats. All too often, expats face a choice between large firms that charge a significant fee or smaller firms that don’t take the time necessary to understand their circumstances.
As people who have lived abroad and come to the U.S. as expats, we understand your situation. We listen to you and offer advice where needed.
Services we provide:
Tax Returns, Credits, and Exclusions
As experts in the U.S. tax law as applied regarding expats, we can prepare your tax returns and maximize your tax position by taking advantage of foreign tax credits and exclusions. Child tax credits are available to those outside the U.S. as well as inside.
Resolving Expat Tax Issues
Some people have not filed since going abroad or have yet to report all of their foreign assets because they did not know it was required. We can help determine your eligibility for IRS programs to help you get up to date with minimum exposure to penalties. We can help guide you through these programs as we have been through them ourselves.
Investments Abroad
The U.S. imposes heavy taxes on certain types of investments abroad, and foreign entities’ owners face significant reporting on their entities with significant penalties for non-compliance. Talk with us if you have investments and operations abroad so we can help you stay within the rules.
Coming To & Leaving America
Some people coming to America and those going abroad can find that they have a larger tax bill than expected. Before you leave the U.S. or come to America, talk to us about your situation, and we can help you minimize this risk.
Expatriation
The U.S. has imposed taxes on certain people who have abandoned their Green Cards or renounced their citizenship. Even if this does not apply, you still must comply with increased reporting if you sever ties with the U.S. Speak to us about the implications of this action before you go. It could save you a lot.
